Npm update -package- does not update the package - node.js

Question

I am simply trying to update webpack-dev-server from version 3.11.2 to the latest version, which is 4.7.3 based on my npm outdated command:
root#fdaf6460fe1a:/home/ubuntu/myapp# npm outdated
Package Current Wanted Latest Location Depended by
#rails/activestorage 6.1.4 6.1.4 7.0.1 node_modules/#rails/activestorage myapp
#rails/ujs 6.1.4 6.1.4 7.0.1 node_modules/#rails/ujs myapp
#rails/webpacker 5.4.0 5.4.0 5.4.3 node_modules/#rails/webpacker myapp
bootstrap 4.3.1 4.3.1 5.1.3 node_modules/bootstrap myapp
datatables.net-bs4 3.2.2 3.2.2 1.11.4 node_modules/datatables.net-bs4 myapp
webpack 4.46.0 4.46.0 5.67.0 node_modules/webpack myapp
webpack-cli 3.3.12 3.3.12 4.9.2 node_modules/webpack-cli myapp
webpack-dev-server 3.11.2 3.11.2 4.7.3 node_modules/webpack-dev-server myapp
However, whenever I run npm update webpack-dev-server, it seems to run but doesn't change the version:
root#fdaf6460fe1a:/home/ubuntu/myapp# npm update webpack-dev-server
up to date, audited 1312 packages in 3s
123 packages are looking for funding
run `npm fund` for details
98 vulnerabilities (2 low, 88 moderate, 8 high)
To address issues that do not require attention, run:
npm audit fix
To address all issues possible (including breaking changes), run:
npm audit fix --force
Some issues need review, and may require choosing
a different dependency.
Run `npm audit` for details.
but when I run npm list webpack-dev-server, the version is still 3.11.2:
root#fdaf6460fe1a:/home/ubuntu/myapp# npm list webpack-dev-server
app#1.0.0 /home/ubuntu/myapp
└── webpack-dev-server#3.11.2
In my package.json file, it does list webpack-dev-server in the following manner:
"webpack-dev-server": "^3.11.2"
However, I've tried removing the ^ and running npm update webpack-dev-server again still, but no luck. How exactly do I update webpack-dev-server in my case or figure out why it's not updating?
How do I even know that npm update is even working? I can run npm update <anything here> and it doesn't return any errors:
root#fdaf6460fe1a:/home/ubuntu/myapp# npm update npmkerjhtekrhjter
up to date, audited 1312 packages in 3s

Answer 1

npm update will only update to whatever is specified in your package.json. Removing the ^ doesn't make it more lax. It makes it more strict.
To update to 4.x: npm install webpack-dev-server#4
That will install the 4.x version and update package.json (and package-lock.json if you're using that).
In your case, npm udpate isn't going to do anything because all the versions in the Current column are the same as the Wanted column. The Wanted column is what npm update will update to, but there's nothing to update. The Latest column lets you know if there are newer versions than what your package.json permits.